Former Marconi chief gets a £1m pay-off

NEWS Marconi's former chief executive, John Mayo, is to receive yet another cash bonus on top of the £600,000 he has already been given. The amount is thought to be in the region of £950,000, and will be paid to Mayo under Marconi's funded pension scheme. Shareholders in the beleaguered telecoms equipment manufacturer are unlikely to be over-joyed at the news. Meanwhile, the company's new boss, Mike Parton, has chosen to freeze his salary. He will receive £400,00 a year, plus pension and benefits. He is also eligible for a bonus amounting to 100 per cent of his salary, but according to the Sunday Business, this is unlikely to be paid this year.